That Corbyn fella...

Thanks - interesting article; some valid points, some slightly less so.

Should probably disclose that I've worked in the industry for 15 years so can't pretend to be a neutral observer.

There certainly were excessively profitable times for contractors - I remember an informal business meeting in a pub with another contractor (a small family run sub contractor); the proprietor told me about how he'd flown his entire family to New York on Concorde to celebrate his son's 21st Birthday. His message was basically that those times were over and I'd missed the boat. As it turns out, he was largely correct.

There's still plenty to go at in terms of increasing efficiency, however Wolmar rightly observes "beware of warnings that Britain’s railways are far more expensive than their foreign counterparts. Their systems, too, are riven with inefficiencies and poor working practices but their managements are cleverer at disguising them".